At Team Ritcey we recognize that we are in the middle of the largest exit of business assets in history. Approximately $40 trillion is in transition in the United States and Canada alone. That transition is happening now. Your business is, potentially, part of it.
In our experience as wealth advisors, business owners are crystal clear about one issue: Founding your company is the single most important financial decision you ever made. But they are less clear about an, equally crucial, second issue: The importance of an exit strategy.
Astonishingly, only about 10% of business owners have a written business sale or succession plan. To say that the remaining 90% are floundering in the dark is an understatement. Especially considering the consequences of a mistake.
The midday update
August 24, 2016
Canadian stocks are up for a second day, led by banks after quarterly results from the Bank of Montreal (BMO) beat estimates. The S&P/TSX Composite Index is up 0.1% after halting a four-day slide. The S&P/TSX remains the second-best performing developed market in the world this year behind New Zealand. On the S&P/TSX Composite Index seven sectors are down while the Energy, Financials and Infotech sectors are gaining.
Bank of Montreal (BMO) is up 2.07% as third-quarter adjusted profit was C$1.94 a share, beating the C$1.81 average estimate of 15 analysts surveyed by Bloomberg.
TMX Group (X) is down 2.48% after three Canadian pension funds agreed to sell 1.8 million shares of the company in a secondary transaction priced at $57.70/share.